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I do not like parabolic rises and I do not like Amazon.com, Inc. (NASDAQ:AMZN). I believe we have several signs for a correction that could very easily push its price below $700. I believe we have a train that is about to get off the tracks, as the lyrics of Rock N Roll Trail by AC/DC say. Yesterday I opened a short position at $834 and only a break above $850 could change my short-term plans, though not my longer-term view.

Monthly Chart

Clearly still inside the long-term bullish channel, but at the upper boundary of the channel at important resistance. A rejection here could put the red upward sloping channel in danger.

Weekly Chart

Oscillators are warning bulls at overbought levels as price touches the upper channel boundary. A break below $800 will confirm the end of the upward move from its $470-$480 lows. This will imply a corrective pull back that could at least reach the 38% Fibonacci retracement at $705.

Daily

First short-term target is at $825 and then towards $750-$780. Oscillators are even uglier in the daily chart.

4-Hour Chart

In the 4-hour chart we see a pattern of lower lows and lower highs in a newly created bearish channel. Short-term trend is turning bearish and I believe $800 could be tested this week. Cloud support is critical at $770 by the daily cloud.

I believe that markets are entering a correction phase before the US elections and Amazon.com, Inc. (NASDAQ:AMZN) will be affected by the risk off environment I expect the markets to be in.